Seven up

Eagle Bulk Shipping has secured another reprieve as it battles to restructure debt of over $1bn.

Nasdaq-listed Eagle has signed a seventh waiver on a 2012 credit facility that is valid until 5 August.

In a securities filing the shipowner said talks with lenders to strike a refinancing agreement continue but it again stressed no guarantees of success.

“Although there can be no assurance that the company will be able to reach an agreement with the lenders regarding the terms of a restructuring, it is expected that any restructuring transaction would be substantially dilutive to the company’s current shareholders,” it said.

Eagle Bulk Shipping, whose shares trade under the symbol "EGLE", is led by chief executive Sophocles Zoullas and based in Manhattan where it oversees a fleet of 45 bulkers.

Some have suggested the company could be taken over by Star Bulk, which is now majority owned by Oaktree Capital after a recent with Oceanbulk.

Analysts at Fearnleys have calculated a takeover of Eagle and fellow struggler Excel Maritime, also backed by Oaktree, would create a $1.8bn company.

This would pass Knightsbridge as the largest US-listed bulker owner by market capitalization.

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